Nextracker Inc. (NASDAQ:NXT) Shares Sold by Securian Asset Management Inc.

Securian Asset Management Inc. reduced its position in shares of Nextracker Inc. (NASDAQ:NXT) by 2.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,858 shares of the company’s stock after selling 295 shares during the period. Securian Asset Management Inc.’s holdings in Nextracker were worth $397,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Allworth Financial LP boosted its stake in shares of Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares during the last quarter. Principal Securities Inc. boosted its stake in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after purchasing an additional 410 shares during the last quarter. Quarry LP boosted its stake in shares of Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after purchasing an additional 516 shares during the last quarter. Finally, HighTower Advisors LLC boosted its stake in shares of Nextracker by 1.8% during the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock worth $1,115,000 after purchasing an additional 519 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NXT. Susquehanna increased their price objective on shares of Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a report on Wednesday, January 29th. Truist Financial reiterated a “buy” rating and set a $56.00 price objective (up from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. TD Cowen began coverage on shares of Nextracker in a report on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective on the stock. Northland Securities reiterated an “outperform” rating and set a $55.00 price objective (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Finally, Guggenheim increased their price objective on shares of Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.43.

Nextracker Trading Down 3.1 %

NXT opened at $44.48 on Wednesday. The firm has a market capitalization of $6.48 billion, a P/E ratio of 11.32 and a beta of 2.24. The firm’s 50 day moving average is $44.83 and its 200-day moving average is $39.67. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Analysts expect that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the sale, the insider now directly owns 132,374 shares of the company’s stock, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is currently owned by corporate insiders.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.